So far this year, shares of the independent oil and natural gas company rallied more than 77 percent compared with a gain of 11 percent for the S&P energy sector, boosted by bullish projections from Wall Street.

"Since the end of August, KeyBanc, Pacific Crest, FBR and Morgan Stanley have all raised price targets for PE," wrote Najarian in an email to CNBC, pointing to the upbeat sentiment from the Street.

But it's not just Wall Street getting behind the name, according to Najarian, who explains that options traders are also placing large bets.